In its filing before the Securities and Exchange Commission last month, US beverages giant PepsiCo has reported that its Indian subsidiary has notched up double-digit growth in 2003, making it one of the fastest growing operations globally.

Globally, PepsiCo's beverages volume grew 8 per cent while the Asian region grew the fastest at 11 per cent. "The volume gains in India were driven by competitive pricing actions undertaken by the company," the report said.

A PepsiCo India spokesperson confirmed that 2003 was one of the best years for the company as it achieved a growth of more than 25 per cent. Last year, the company had moved to the Rs 5 price point for its 200 ml bottles and also introduced the new drink Mountain Dew, which now, according to the company, accounts for five per cent of the total carbonated soft drinks market.

Rival Coca-Cola too had earlier claimed a robust double-digit growth in India for 2003. Interestingly, both the cola companies were hamstrung by the pesticide controversy in August last year making sales fall 20 per cent for a couple of months.

The form 10-K also says that the snacks business grew 16 per cent in the Asian region and the gains were driven by India, Russia and Turkey.